1.Identify the new business idea you plan to pursue and explain the problem that you intend to solve for customers with your business idea. The business must be legal.
2.SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis:This is where you conduct an outside-in and inside-out analysis as explained in Chapter 3 of the course text book. The outside-in analysis should identify the opportunities and threats in the external environment while the inside-out analysis should identify the internal strengths and weaknesses of the new business.
3.The strategy that will be developed to solve the problem:•Strategy options include differentiation-based strategy, cost-based strategy, and focus-based strategy (as explained in Chapter 3). Note what strategy you select and explain WHY.
4.The business model:•Explain in a systematic and clear way how your business will generate profits and cash flows) (see Chapter 6 for an explanation of a business model)
5.Milestones to be met in the first year.
6.Tasks and responsibilities of the entrepreneur or entrepreneurial team
Sample Solution
